Life Insurance - Quick FAQ's
Calculate how much life insurance you need?
How much does life insurance cost?
Are you paying too much for your existing life insurance plans?
How does Life Insurance work?
Most life insurance plans are designed to pay a lump sum of money, tax free, should the insured's death occur within the specified term of the plan.
The cheapest form of life insurance is "Term Assurance"
As there is no investment element, all of the premium can be used to provide the life insurance benefit allowing quite high levels of cover to be achieved from relatively low premiums.
What options are available?
A "Term Assurance" plan normally provides either level cover, i.e. the same amount of money will be paid whenever a claim is made during the term, or decreasing cover, i.e. to protect a capital repayment mortgage where the lump sum needed gradually decreases over the term of the life insurance policy.
These plans can also include a waiver of premium benefit so that the company will in effect waive premiums after a specific period (normally 6 months) if you were unable to pay due to an accident or long term illness.
Many life insurance plans can also include critical illness cover to provide the lump sum on diagnosis of a critical illness if this should occur earlier than death
Life insurance plans can be written on both a single life or joint life basis, (please note that joint life plans normally end on the death of the first life so they will generally only pay out once).
Calculate how much life insurance you need
If you would like some help to establish how much life insurance you might need, you can visit the main site to use the life insurance finance navigator or if you would prefer to speak to an independent financial adviser you should contact us.
How much does life insurance cost
Because of the special discounts we provide for our online clients, it's cheaper to get your life insurance through Money Minder than going direct to the provider. See our comparison table to find out how much difference this can make and then get a free online life insurance quote.
Are you paying to much for your existing life insurance plans?
Over the past few years, life insurance premiums have reduced significantly.
If you have any existing life insurance, mortgage protection, critical illness or income protection plans, use our FREE quote service, to establish if you can save money on your current policies. After all, why pay more than you need to!
